Chapter 11 Bankruptcy-Protected Copeland Sports Announces Plan To Sell Stores
Copeland Sports says that it is requesting permission from the U.S. Bankrutpcy Court in Delaware to sell sporting goods stores for $21.7 million by Thanksgiving. Sports Authority, a Colorado-based sporting goods store, has already to agree to buy 7 to 13 of Copeland Sports’s stores.
Copeland Sports had filed for Chapter 11 Bankruptcy in August to restructure its company and figure out how to get out of debt. The Copeland family, which founded the company in 1971 and later sold it in 2002, then bought the company back. Before filing for bankruptcy, Copeland Sports had 31 specialty sporting goods stores in Nevada, Oregon, Utah, and California.
Federal bankruptcy laws govern how companies go out of business or recover from crippling debt. Chapter 11 of the Bankruptcy Code can be used by a bankrupt company to "reorganize" its business while it attempts to become profitable again. Although management remains in charge of daily operations, all major business decisions must be approved by a bankruptcy court.
Bankruptcy Statistics:
The largest bankruptcy in history was of the US telecommunications corporation Worldcom, Inc., which listed over 103 billion dollars in assets as of its Chapter 11 filing in 2002.
2003 Statistics
Bankruptcy filings by businesses:
* Chapter 7 filings: 21,008
* Chapter 11 filings: 9,185
* Chapter 12 filings: 698
* Chapter 13 filings: 5,201
2004 Statistics
Total bankruptcies:
* Chapter 7 filings: 1,153,865
* Chapter 11 filings: 10,368
* Chapter 12 filings: 238
* Chapter 13 filings: 454,412
Sagaria Law, P.C. has offices in Monterey, Fremont, and San Jose and handles bankruptcy cases in Santa Clara County, San Jose County, and Monterey County. Bankruptcy is a serious legal matter. Our lawyers will counsel you candidly and in complete confidence about your options when seeking bankruptcy protection. Contact Sagaria Law, P.C. for a free consultation.
Copeland Sports Says It Plans To Sell Stores, Sanluisobispo.com, November 3, 2006
Chapter 11, Title 11, United States Code, Experts.about.com
Corporate Bankruptcy, SEC.gov
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